Using an open-ended contingent valuation survey, we analyze how (i) experience of a power outage due to one of the worst storms ever to hit Sweden and (ii) a cheap talk script affect respondents' WTP to avoid power outages. Experience significantly increases and a cheap talk script decreases the...

The Peter Principle captures two stylized facts about hierarchies: first, promotions often placeemployees into jobs for which they are less well suited than for that previously held. Second,demotions are extremely rare...